Central Bank Independence : Issues and Experience

Author/Editor:

International Monetary Fund

Publication Date:

June 1, 1991

Disclaimer: This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate

Summary:

There has been growing interest recently in the scope for promoting monetary stability through the establishment of independent central banks. This paper reviews the issues involved in central bank independence against the background of arrangements in nine countries. The analysis suggests that detailed institutional arrangements would need to be carefully designed if the potential benefits of central bank independence are to be delivered. Particularly important are the nature of arrangements to resolve various types of conflicts involving monetary policy, and arrangements to promote accountability and public monitoring of monetary policy performance.

Series:

Working Paper No. 91/58

Subject:

English

Publication Date:

June 1, 1991

ISBN/ISSN:

9781451966428/1018-5941

Stock No:

WPIEA0581991

Format:

Paper

Pages:

59

Please address any questions about this title to publications@imf.org